News: Green Court up for en bloc sale, with $28m reserve price

Jan 7, 2020

The three-storey commercial and residential development comprises three ground floor shops as well as six two-storey walk-up apartments on the second level. Photo: Knight Frank Singapore

Green Court, a freehold mixed-use development situated along Geylang Road, is up for en bloc sale.

The owners are expecting offers above their $28 million reserve price, which includes an additional development charge of about $5.24 million to maximise the Gross Floor Area (GFA).

The price works out to a land rate of around $1,178 per sq ft per plot ratio (psf ppr), revealed marketing agent Knight Frank Singapore.

The three-storey commercial and residential development comprises three ground floor shops as well as six two-storey walk-up apartments on the second level, with a total site area of 894.5 sq m (9,628 sq ft). 

Under the 2019 URA Master Plan, the site is uniquely zoned “Commercial” with a Gross Plot Ratio (GPR) of 3.0 and part “Residential” with a 2.8 GPR. Knight Frank noted that this allows redevelopment potential of up to a maximum permissible GFA of about 28,216 sq ft.

READ: What’s New In The URA Master Plan 2019? [Part I Of II]

Located near retail malls and office buildings at Paya Lebar Central and the Tanjong Katong area, Green Court is a short 10-minute drive to the CBD, Tanjong Pagar and Marina Bay.

The site is also seven minutes’ walk away to the Aljunied MRT station, while the Dakota MRT station is 10 minutes’ walk away.

“The site is within walking distance to a wide array of leisure, entertainment and dining amenities along Geylang Road and the rejuvenated Paya Lebar Commercial Hub, including PLQ Mall, Singpost Centre, Paya Lebar Square and Kinex Mall,” said Ian Loh, Head of Investment and Capital Markets (land, building & collective sales) at Knight Frank Singapore.

“In view of its location and bite-sized quantum, we expect keen interest for this redevelopment opportunity.”

The tender for Green Court closes on 19 February.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

 

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